Nuove_emissioni, collocamenti Nuove Emissioni

[fabriziof]

Perché scommettono sulla discesa dell'euribor? Ovviamente diversamente non può essere, non stanno scommettendo sullo sforamento del 4.5, staranno hedgiando le reverse.
Eppure guardando il future sull'euribor fino al 2016 l'8 % sembra assicurato.

il problema di queste obbligazioni è che se comincia un trend piuttosto deciso di risalita dell'euribor il mm fa crollare il prezzo .poi magari a 4,5 non ci arriva ma intanto...guardiamo quello che è successo con le reverse da 100 a 80 in pochissimo tempo.io considero un grande successo essere riuscito a guadagnare con quella trappola della 12,5

 

[gionmorg]

il problema di queste obbligazioni è che se comincia un trend piuttosto deciso di risalita dell'euribor il mm fa crollare il prezzo .poi magari a 4,5 non ci arriva ma intanto...guardiamo quello che è successo con le reverse da 100 a 80 in pochissimo tempo.io considero un grande successo essere riuscito a guadagnare con quella trappola della 12,5

Io sto facendo un discorso in ottica cedola non trading, con la 12.5 è diverso, lì il prezzo è sceso perché ovviamente l'euribor 12 sta salendo e la cedola, tra l'altro in leva, sta scendendo alla grande.
In questo caso, ti ripeto guardando il future l'euribor3 rimarrebbe ampiamente nel range e quindi la cedola è assicurata, poi se il mm la fa scendere è un'altro discorso, ma chi ha comprato per incassare la cedola non se ne cura.

 

[gionmorg]

New Bond Issue information:

• Issuer, issue number: Severstal, 2016 (LPN)
• SPV: Steel Capital S.A.
• Type of debt instrument: Eurobonds
• Kind of bond: Loan Participation Notes
• Type of bonds: Coupon bonds
• Issue status: outstanding
• Type of placement: public
• Par, minimum denomination: USD, 200 000
• Par, integral multiple: USD, 1 000
• Amount: 500 000 000
• End of placement: Jul 19 2011
• Yield guidance: 6% - 6.375%
• Coupon: 6.25%
• Coupon frequency: 2 time(s) per year
• Settlement Date: Jul 26 2011
• Maturity date: Jul 26 2016
• Issue price: 100
• Yield at Pricing: 6.25%
• Rating on issue date (M/S&P/F): Ba2/BB/BB-
• Spread over US Treasures, bp: 481.6
• Spread over mid-swaps, bp: 450
• Issue Managers: Barclays Capital, Goldman Sachs
• Listing: London Stock Exchange
• Investment banks: Bookrunner(s):
Barclays Capital
Goldman Sachs

 

[gionmorg]

New Bond Issues: Eurobonds Braskem, Braskem, 2041

• Issuer, issue number: Braskem, Braskem, 2041
• Type of debt instrument: Eurobonds
• Type of bonds: Coupon bonds
• Issue status: outstanding
• Type of placement: public
• Par, minimum denomination: USD, 100 000
• Par, integral multiple: USD, 1 000
• Amount: 500 000 000
• Outstanding amount: 500 000 000
• Day Count Fraction: 30/360 (30/360 ISDA)
• End of placement: Jul 19 2011
• Yield guidance: 7.25% - 7.3%
• Coupon: 7.125%
• Maturity date: Jul 19 2041
• Issue price: 98.479
• Yield at Pricing: 7.25%
• Rating on issue date (M/S&P/F): Baa3/BBB-/BB+
• Spread over US Treasures, bp: 308.1
• Issue Managers: Bank of America Merrill Lynch, HSBC, Morgan Stanley
• Order book, mln: 3000000000

 

[gionmorg]

New Issue di ieri = Capsugel Finance (B S&P / Caa1 Moodys) / euro / 8 anni / c.a 10 % / Callable after 3 years / 100 K + 1 k / 325 mln / peccato per il minimo se no' ciofeca semi padula.

Nello specifico:

Capsugel Prices the 2019 notes at 9.875% (in-line with our estimated range)
“Hold” the bonds
Capsugel, yesterday, priced its EUR 325 mn 2019 unsecured bond offering to yield 9.875% or at a spread of 738 bps over bunds. The pricing was in-line with our estimated range of 10-10.5% given tightening spread levels. We view the credit as a defensive play, and despite the high leverage, we believe the moderate cash flow will gradually support deleveraging. Please refer to our New Issue Assessment from the 19th for a detailed analysis

 

[gionmorg]

Coditel Restructured bond offering gets pulled
Yesterday, the Coditel bond offering was cancelled. Amidst difficult market conditions and new regulatory action in Belgium (see our TNET flash published this week), the underwriters tried to restructure the EUR 260 mn senior secured bond into two components, first a EUR 200 mn first lien bond, and second a EUR 60 mn mezzanine tranche. It is this new, restructured offering which was pulled. It is not clear whether the issue was on the bond side, the mezzanine size, or indeed on both sides. MS was global co-ordinator with ING joint book-runner. In our view, the banks are not unlikely to try to place the paper, either on the loans or the bonds markets, within the next 12 months, depending on market conditions. We maintain our “High Risk” assessment on the LARA scale.

 

[qquebec]

Nello specifico:

Capsugel Prices the 2019 notes at 9.875% (in-line with our estimated range)
“Hold” the bonds
Capsugel, yesterday, priced its EUR 325 mn 2019 unsecured bond offering to yield 9.875% or at a spread of 738 bps over bunds. The pricing was in-line with our estimated range of 10-10.5% given tightening spread levels. We view the credit as a defensive play, and despite the high leverage, we believe the moderate cash flow will gradually support deleveraging. Please refer to our New Issue Assessment from the 19th for a detailed analysis

100k

 

[gionmorg]

New Bond Issue information:

• Issuer, issue number: Sri Lanka, 2021
• Type of debt instrument: Eurobonds
• Type of bonds: Coupon bonds
• Issue status: outstanding
• Type of placement: public
• Par, minimum denomination: USD, 100 000
• Par, integral multiple: USD, 1 000
• Amount: 1 000 000 000
• ISIN RegS: USY2029SAG94
• End of placement: Jul 20 2011
• Yield guidance: 6.25% - 6.375%
• Coupon: 6,250%
• Coupon frequency: 2 time(s) per year
• Settlement Date: Jul 27 2011
• Maturity date: Jul 27 2021
• Issue price: 100
• Yield at Pricing: 6.25%
• Rating on issue date (M/S&P/F): B1/B+/BB-
• Spread over US Treasures, bp: 332.2
• Issue Managers: Bank of America Merrill Lynch, Barclays Capital, HSBC, RBS
• Order book, mln: 7500000
• Accounts: 315
• Geography Breakdown: US - 43% Europe - 30% Asia - 27%
• Type of Investors: Funds - 86% Private banks - 8% Corporates - 3% Insurers - 3%

 

[gionmorg]

New Bond Issue information:

• Issuer, issue number: Queiroz Galvao, 2018
• Type of debt instrument: Eurobonds
• Type of bonds: Coupon bonds
• Secured debt: Yes
• Redemption type: Amortized
• Issue status: outstanding
• Type of placement: public
• Par, minimum denomination: USD, 100 000
• Outstanding principal amount, currency of issue: USD, 100 000
• Par, integral multiple: USD, 1 000
• Amount: 700 000 000
• Outstanding amount: 700 000 000
• ISIN 144A: USG7306EAA67
• Day Count Fraction: 30/360 (30/360 ISDA)
• End of placement: Jul 20 2011
• Coupon: 5.25%
• Coupon frequency: 2 time(s) per year
• Settlement Date: Jul 27 2011
• Maturity date: Jul 27 2018
• Rating on issue date (M/S&P/F): Baa3/BBB-/—
• Issue Managers: HSBC, Santander, Citi

 

[gionmorg]

New Bond Issue information:

• Issuer, issue number: Banco Industrial , 2021
• Type of debt instrument: Eurobonds
• Type of bonds: Coupon bonds
• Subordinated debt: Yes
• Secured debt: Yes
• Issue status: outstanding
• Type of placement: public
• Par, minimum denomination: USD, 100 000
• Par, integral multiple: USD, 1 000
• Amount: 150 000 000
• Outstanding amount: 150 000 000
• Day Count Fraction: 30/360 (30/360 ISDA)
• End of placement: Jul 20 2011
• Coupon: 8.25%
• Coupon frequency: 2 time(s) per year
• Maturity date: Jul 20 2021
• Issue price: 100
• Yield at Pricing: 8.25%
• Rating on issue date (M/S&P/F): —/—/BB-
• Issue Managers: Bank of America Merrill Lynch
• Purpose: Repaying subordinated debt and strengthening regulatory capital